The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-09-24
EASING THE MONEY MARKET.
The Financial Outlook Growing Bright
er Every Day.

CA IINOIy LAY.
WASHINGTON, Sept. 23-Treasury off
| cials note with satisfaction the reception by
the financial world of yesterdays circular.
1t is especially gratifying to them to learn
that the public is willing to part with
4 per cent. bonds at the price offered
by the department. Before noon to-day
Acting Secretary Thompson received offers
to sell bonds, majority of them per cent,
to the amount of 81 100000. In addition to
this, offers made by local banks, on their
own account and acting as agents for out
of-town firms, have been received at the
public moneys division of the department,
to an amount not at present ascertainable.
A BRIGHTER OUTLOOK.
Altogether the outlook is regarded at the
Department as much brighter, and the be-
lief is freely expressed that the danger of a
money panic has been averted, at least for
the present, by the last action of
Acting Secretary Thompson. Other
encouraging features they say are
found in the daily statement
of the governments receipts and expendi-
lures. They show that since the middle of
the month, about 81, SOC, 900 have been dis
| bursed on account of pensions. The appa-
rent surplus for the month is thus left at
| S14, 800 900, but none of the bond purchas-
| es are taken into account in this daily state
| ment.
SMALL SURPLUS.
If deductions are made on this account
and for prepayments of interest the surplus
| receipts for so much of the month of Sep
tember as has expired will be reduced to
something like S5,0O0,000 The aggregate
/ amount of bonds purchased by the
Treasury Department to-day, under the
terms of the circular of yes
| terday was 81, S35, $50, of which 81 ,O44,O0O
were per cent. and S791, $50 AZ per cent.
bonds. OF the total 1922, 700 was offered
and purchased after 3 O'Clock. Applications
| for prepayment of interest on $3.50, 900 reg
| istered bonds were received at the Treasury
| to-day, making the total to date sos, ,S12, $50.
FAIRCHILD IN HIS OFFICE.
Secretary Fairchild returned to Washing
ton, from Stockbridge, Mass, late last night.
He called early at the White House and had
| a long talk with the President about mat
| ters of the day. Later he went over to the
Treasury, and, after consultation with Act
ing Secretary Thompson, returned to his
| office to look after his mail and other per-
sonal matters He will remain in the city
but day or two. and will not during his stay
assume the formal duties of his office. When
seen by an Associated Press reporter this
afternoon the Secretary looked the picture
of good health, and did not appear TO feel
very anxious respecting the financial situa-
ton. He said that he found the business of
the department in good shape upon his re-
turn All that had been done relative
to bond purchases met with his
approval, and he had been fully
advised in advance of the intention
to issue the last circular. Whether the
measures adopted by the government to
meet the emergency in the financial world
would be effectual could only be told from
subsequent events. When asked if he ex-
pected that all of the 1000, 900 set apart
| for the purchase of bonds would be paid
| out before the expiration of the time fixed
| in the circular the Secretary replied
that he could not venture an
| opinion. Secretary Fairchild intends to GO
| over to New York in a day or two to wit
ness the international yacht race. He ex-
poets TO return to Washington by the end
of next week, and will remain here during
the Presidents absence on his Western and
| Southern trip
Secretary Fairchild thinks the circular
| has already shown its wisdom. He thinks
| it is Just what could be and should have
been done by the government He con-
| siders it adequate. He does not think
| further appeals for relief will be made to
| the Treasury Department., but he thinks the
appeals that will be made to the next Con
| gresS when it meets will be both
urgent and vigorous. He considers
the prospects of revenue reduction
! excellent In his annual report to
| Congress he will reiterate the recommenda-
| tions made in the report of the Secretary OF
the Treasury last year in favor of a speedy
| and adequate reduction of the revenue, espe-
cially by the reduction of the war tariff
taxes on raw materials and the necessi
| ties of life